24 January 2002 19:09 [Source: ICIS news]
HOUSTON (CNI)--US pharmaceuticals major Schering-Plough (S-P) posted a 20% decline Thursday in net income for 2001 citing the impact of a $500m (Euro568m) payment on a consent decree with the US government over manufacturing practices complaints and flat sales for its products.
For the year ended 31 December, the Kenilworth, New Jersey-based maker of respiratory products reported net income of $1.9bn on sales of $9.8bn with earnings/share (eps) of $1.32. Those figures compare with net income of $2.4bn on sales of $9.8bn and eps of $1.64 for 2000.
In the fourth quarter, S-P reported net income of $143m - down 75% from the $571m on fourth quarter 2000 - despite a 2% boost in sales to $2.5bn with eps of 10 cent.
Richard Kogan, S-P's chairman and chief executive officer, called 2001 a "difficult year" for the company while emphasising the impact of several events he believes will boost results in the future. As examples, he cited approvals in the US and the European Union (EU) for the new, non-sedating antihistamine Clarinex and for the hepatitis C treatment PEG-INTRON.
Looking ahead, S-P said 2002 depends on a number of factors, including the "timing and impact" of the consent decree under negotiation with the US Food and Drug Administration (FDA).
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections